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House Passes Medicare Overhaul, Clinton Vows Veto

House Republicans, and four Democrats, passed an historic ove rhaul of Medicare yesterday. The measure, which becomes part of the budget reconciliation bill going to the floor next week, cuts spending dramatically and encourages the elderly to turn to private managed care organizations. In a press conference, Pres ident Bill Clinton renewed his threat to veto the measure, commenting that it amounted to, "a $270 billion cut in Medicare that will eviscerate the health system for older Americans." Democrats argued that the bill cuts payments for the elderly to financ e tax cuts for the rich, and that it would force some hospitals to close for lack of funding. In effect, they argued, the measure increases premiums for the elderly, while simultaneously decreasing coverage.